# Leave-One-Out Country Analysis (Z_1 → gross_assets_gdp)

*Full-sample Z_1 = -1396.7*

## Top 10 Most Influential Countries

| Dropped | Z_1 Coef | SE | p-value | Change | % Change |
|---|---|---|---|---|---|
| MHL | -352.3 | 365.3 | 0.3348 | 1044.4 | 74.8% |
| MLT | -1610.6 | 575.4 | 0.0051 | -213.9 | -15.3% |
| KWT | -1225.4 | 643.1 | 0.0568 | 171.3 | 12.3% |
| CYP | -1474.9 | 587.7 | 0.0121 | -78.2 | -5.6% |
| BRB | -1319.2 | 587.9 | 0.0249 | 77.5 | 5.5% |
| BHR | -1470.7 | 603.5 | 0.0149 | -74.0 | -5.3% |
| IRL | -1334.1 | 592.4 | 0.0244 | 62.5 | 4.5% |
| JPN | -1453.5 | 599.0 | 0.0153 | -56.9 | -4.1% |
| QAT | -1451.1 | 619.4 | 0.0192 | -54.5 | -3.9% |
| MUS | -1342.8 | 564.8 | 0.0175 | 53.9 | 3.9% |

## Stability Summary

| Statistic | Value |
|---|---|
| Countries tested | 177 |
| Z_1 range | [-1610.6, -352.3] |
| Z_1 mean (LOO) | -1396.6 |
| Z_1 SD (LOO) | 83.1 |
| Sign flips | 0 |

*0 out of 177 LOO drops flip the sign of Z_1.*